FY 25 Harford County Approved Operating Budget

GLOSSARY OF TERMS AND ACRONYMS

ACTIVITY A major component of work performed by a department, division, or agency that measures performance. ACCRUAL BASIS A basis of accounting in which transactions are recognized at the time when they are incurred, as opposed to when cash is received or spent. AD VALOREM TAX A tax based “according to the value” of the property. The tax is determined by multiplying the taxable value of the property by the tax rate (which is often expressed as an amount per $100 of assessed value). AGENCY A principal County department or office, or other governmental unit outside County organizational structure, receiving County funds. (Note: For descriptive purposes only, this term is used interchangeably with department, office, division, and bureau.) AGRICULTURAL LAND PRESERVATION FUND Accounts for dedicated transfer tax revenues and provides for easement purchases of County agricultural land. ADA American Disabilities Act

AICPA American Institute of Certified Public Accountants

ANNUAL BUDGET AND APPROPRIATION ORDINANCE A bill enacted by the County Council which gives legal effort to the annual county budget. ANNUALIZE Taking changes that occurred mid-year and calculating their cost or savings for full year, for the purpose of preparing an annual budget.

APF Adequate Public Facilities

APG Aberdeen Proving Ground

APPROPRIATION The legal authorization to spend a specific amount of money for a particular purpose. ASSESSABLE BASE The total value of all real and personal property in the County as determined by the State Department of Assessment and Taxation, used as a basis for levying taxes. It is not the market value of the property. Tax-exempt property is excluded from the assessable base.

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